Home: Message List - How do you know if your charging the right amount for your jewelry

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 23:29:26 GMT

wow, thanks
and I will check out your sight

Re: How do you know if your charging the right amount for your jewelry

puzzleman — Thu, 20 Dec 2007 23:15:47 GMT

Expressions, Have you checked out me and my products?

I handcraft all of my items at my shop here in the good ol' USA. I charge more for my products than any of my competitors. When they raise thier prices to match mine, I raise mine to be higher. I proudly tell my customers that you are paying more for my product than you will for my competitor. I even give them my competitors website or booth number when I am at an art and craft shows. More than half of them return and buy from me. It is becasue of the quality of the craftmanship.

People will pay more when they can see why. I do art shows where I have seen jewelry going for hundres of dollars per piece. As far as being fair for the customer, is it fair to them if you go out of business??? Be very proud of the work and time you put into each piece. Let the customer know why in painstaking detail all of the steps you go into. From looking through hundreds or thousands of gems to find the perfect one for the piece. How you get your gold from a very specific place because of their qualtiy. Tell them of the thinking process that it took you to design the piece. Tell them how you physically did the work. Tell them every excruiating detail. Make them see that you dput an extra-ordinary amount of thought and work into the piece. And that is why they should pay big money for it and that price is still lower than it really should be.

One other note: You need to move your customer base into a higher income level that can afford these pieces. Your customer does not go to Walmart. Your customer should go to Niemans. The purpose of a jacket is to keep you warm. You can buy a jacket at Walmart for $20.00 or you can buy a jacket at Niemans for $100. Both keep you warm. Why do they buy from Niemans and not Walmart if all they want to do is keep warm?

Another idea: Have you tried selling at art and craft shows in your area? Not the cheap ones but the higher end shows? That is how I direct sell to my customers, promote my website and make wholesale contacts.

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 23:05:30 GMT

Not enough sales,
When I have a show I usualy almost sell out, but there is only one place that I can have a show at,
trade shows and fairs arn't good because people are expecting items for 5$ so my best place is to sell at a business filled with working women, sounds bad, but I am having a hard time finding ways to get my product noticed other then going to their work, and setting up shop - so to say,
thanks,
Expressions

Re: How do you know if your charging the right amount for your jewelry

puzzleman — Thu, 20 Dec 2007 23:00:07 GMT

Is this due to low sales or not being able to make enough product to sell?

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 22:50:01 GMT

I am affraid to charge too much for my product, if I charge for the time that I put into it, I don't think it would be fair to the customer

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 22:47:15 GMT

Enough money -

Re: How do you know if your charging the right amount for your jewelry

puzzleman — Thu, 20 Dec 2007 22:40:31 GMT

Expressions, Are you not making enough money or not enough product?

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 22:38:01 GMT

I am afraid that i don't entirly understand,

Re: How do you know if your charging the right amount for your jewelry

Lighthouse24 — Thu, 20 Dec 2007 22:27:21 GMT

I have four jewelry store clients (all independent, not national chains), and just the on-line portion of their operations alone would have about a 10 to 15 percent net profit margin. If your sales volume is too low to live off that margin, then you're probably right to consider changing some element in the mix, or to modify your competitive strategy. Hope this helps. Best wishes.

Re: How do you know if your charging the right amount for your jewelry

Expressions — Thu, 20 Dec 2007 21:31:10 GMT

I am trying to keep my price point close to the major retailers - such as k jewelry and others - is that wrong?